Press Release

CONTACT:  Ashton Coleman | Broker Associate Keller Williams Miami Beach | 1.888.38.Dream

Luxury home sales outperform other price ranges this summer

Luxury condo market strengthens in Miami Dade County

Dallas, TX, August 30, 2010 — Gloomy news that July sales of existing homes dropped 25.5% year-over-year has overshadowed new statistics showing summer sales of million dollar plus homes significantly outperformed other price ranges.

“Luxury home buyers have been buying this summer,” said Laurie Moore-Moore, CEO of The Institute for Luxury Home Marketing (ILHM).  “After waiting in the wings, many affluent buyers spent the summer shopping for value and snapping up trophy properties.”

Statistics would indicate that she’s right. According to The National Association of Realtors (NAR), for 2009 million-dollar and above home sales were just 1.2% of total sales or about 61,500 sales nationally.  In July 2010, million dollar plus market share was up to 1.9%.  While sales of homes in the $500,000 and above range rose dramatically in June, the million-dollar-plus market segment was the only price range in July showing positive growth compared to last year.  “The mix of what is selling has shifted in favor of homes priced at $750,000 and above,” added Moore-Moore.

NAR’s report that July’s median sales price increased 0.7% year-over-year may be more a function of increasing sales of expensive properties relative to other price ranges than an indicator of across-the-board home price appreciation.

According to the ILHM National Luxury Market Report — which does a weekly analysis of luxury homes for sale in more than 30 major markets — after a dramatic rise in upper-tier inventory, which started in January of this year, the numbers of luxury homes for sale has declined about 5% since the beginning of July.  Along with a decrease in inventory, there has been a decline in asking prices.  Forty three percent of luxury homes currently on the market have had at least one reduction in asking price over the last 90 days.  An additional 19% have been pulled off the market and subsequently relisted.

“While I wouldn’t say the luxury market is in recovery,” said Moore-Moore, “the growing market share of luxury sales relative to total sales, a slight downward trend in inventory and sellers who are more realistic about price are factors shifting the affluent into a buying mode.”

Personal Note: 2010 has been quite strong for luxury real estate along Miami Dade County beaches, with 13 sales YTD over $4,000,000 taking place including a record high trophy sale of $15M at Setai South Beach. Other high sales include Fontainebleau II Penthouse at $9M, ONE Bal Harbour Penthouse at $8.7M, Apogee with several sales ranging from $5.750M to $6.850M, The Caribbean Penthouse at $5M and two Penthouses at Acqualina of Sunny Isles Beach selling from $4.5M to $4.7M. International demand is huge and all but three of these transactions were cash purchases. As a member of The Institute for Luxury Home Marketing, we are trained on exceptional marketing and end results for buyers & sellers in the luxury tier of residential real estate.

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The Gansevoort

has now opened it’s doors to the affluent and alike for South Beach Miami guests looking for the newest in oceanfront luxury living. The Gansevoort South Hotel Spa Residence located at 2377 Collins Avenue is the new southern outpost of New York City’s Hotel Gansevoort. The hotel boasts 334 guestrooms averaging over 730 square feet with perfect ocean views and shining South Beach skyline.

Gansevoort South’s landscaped showcases three oceanfront pools with a remarkable 110 foot rooftop pool with bar & lounge, an infinity edge at the plaza level, a family friendly south pool, a mezzanine with private cabanas, and an exclusive beach club. Accompanying the new vibe are fine boutiques, restaurants, lounges, and the first ever David Barton Gym & Spa spread over more than 100,000 square feet of luxury retail space. STK by The ONE Group and Philippe Chow offer a combination of the sexy New York steakhouse and exquisite Asian cuisine, while the 50 foot long shark tank dramatically divides the lobby and Opium Group’s new VIP Lounge, Louis.

Come and enjoy this new paradise playground with playful amenities, family friendly surroundings, indoor and outdoor activities, spectacular views and a South Beach location like no other.  Hotels.com have rooms starting at $375 night click here

On the North side of the building are the Gansevoort residences consisting of 259 condos and features a modern design by the same New York team that stylized the first Gansevoort in the Big Apple. Unlike it’s predecessor, Miami Beach’s Gansevoort is larger. Eighteen stories with a 26,000 square foot rooftop area for lounging and entertaining with all the amenities for the hotel guests at your convenience. Private Condo Residences will be found from floors 9 through 17 with studios through 3 bedrooms ranging from 800 to over 5000 square feet. Lower penthouses at Gansevoort will enjoy 11 foot ceilings while other floors at 9 feet. Prices start in the 600′s.

Amenities Include Magnificent lobby and common areas designed by world renowned Interiors by Steven G, Elegant Porte Cochere entrance, Roof level Sky Pool and Sky Playroom, 110 foot ocean view heated rooftop pool on 24,000 square feet palm tree fringed teak rooftop deck, second infinity edge heated pool surrounded by a 12,000 square foot VIP lounge with views of the 50 foot shark tank, Private Beach Club with resort styled environment surrounded by lounging areas, a sunrise pool and cabanas on the ocean, Signature Cafe and Restaurant, indoor and outdoor bar, State of the Art David Barton Health Club with high tech equipment, His & Hers Spa with lounge area, massage and treatment rooms, sauna and steam rooms, Business Center and Conference Rooms, Wine and Cigar Lounge with temperature controlled cellars and humidors, valet parking and surveillance, concierge & security, Boutique Retail Environment, Modern Design Party Room, High Speed Elevators with electronic card access

Call or comment for more information 1.888.383.7326 on the Gansevoort Miami Beach

Florida doesn’t follow tourism trends, it makes them. So, it’s no surprise that spa life, one of the fastest growing branches of tourism, is booming. More than 100 major resort spas have sprung up throughout the state, appealing to a range of tastes, budgets and lifestyles, from clothing optional to black tie. One thing is for sure. It’s no longer your mother’s Florida. The warm, relatively tranquil Gulf waters are ideal for parasailing, kite boarding, dolphin watching, charter fishing for shark and red snapper and spa life.

The state boasts 1,770 kilometers of warm, sandy beaches and more golf courses, 1,370 and counting, than any other U.S. state. It’s an agora of tourism, welcoming 84 million visitors per year, most of who are from other parts of the United States but more than 2 million from Canada. Florida’s Gold Coast is a shimmering oceanfront strip of sand and sun drenched resorts in the vacation towns of Miami Beach, Palm Beach, Boca Raton and Fort Lauderdale. Some of the Gold Coast’s classic, palatial hotels have been temples to the sun for a century or more, attracting golfers and spa goers from north of the Mason Dixon line. Miami and Miami Beach FL real estate likely encompass the highest concentration of luxury resort spas in the world, and at least a dozen splendid new destinations have opened in the past year or will open this year, including Canyon Ranch Living, a branch of the best known wellness center in the United States.

South Beach Miami is a world apart, a living architecture museum of nearly 1,000 art deco buildings and more than 100 fashionable design oriented hotels, most with unique spas. South Beach is the epicenter of cool that buzzes year round with the energy of an international set of the young and gorgeous and celebs like Jennifer Lopez, Tom Cruise, Matt Damon and Paris Hilton. The party scene is exhilarating and exhausting. The beauty requirements are demanding. And spas are essential antidotes to the meltdowns on both fronts. Let me know if you have any additional news, ideas and thoughts on this topic…